How about this: One huge game that is made of a high graphic remake of each of the old games, in a chronological order that shows us the timeline! Maybe a series of episodic ones released Half Life style. Boom.
Also, if you:
1) kept the LoZ fighting/movement style
2) kept the groups small (in dungeons at least (or maybe just kept exp super low the more characters you have in the group))
3) incorporated aspects/landmarks of each game to make a truly huge area.
4) Made it generally more multiplayer LoZ that WOW re-skin,
5) keep server numbers small (population wise, not number of servers)
6) make the Super LoZ weapons (special arrows, masks, etc. solo dungeon runs with the boss being an actual person ,like a paid overpowered employee, to keep the numbers of owners down)
This is LOZ not WOW, so it needs to be Legend of Zelda foremost
I could see this being a really cool game. I would give it a shot at least